Tuesday, February 20, 2007

Home just in time for HPQ!

Actually not even all the way home yet, but online briefly in DEN in time to see HP's (NYSE HPQ) First Quarter earnings announcement cross the wire. In anticipation of a good report, the stock closed above $43 -- only the third time (following twice in January 2007) since 2000.

I'll be in the air during the live webcast but plan to post further analysis in the morning.

I'm especially interested to see how their printing and imaging numbers look, of course! Here's the summary from today's release:

Imaging and Printing Group

Imaging and Printing Group (IPG) revenue grew 7% year-over-year to $7.0 billion. On a year-over-year basis, supplies revenue grew 11%, commercial hardware revenue grew 2% and consumer hardware revenue was flat. Printer unit shipments increased 18% year-over-year, with consumer printer hardware units up 16% and commercial printer hardware units up 21%. Momentum in key growth initiatives continued, with all-in-one unit shipments up 27% year-over-year, appliance photo printers up 49%, color laser printers up 35% and printer-based MFPs up 80%. HP Indigo Press printed page volume grew 40% over the prior year period. Operating profit was $1.1 billion, or 15.3% of revenue, up from a profit of $973 million, or 14.9% of revenue, in the prior year period.

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For reference here are the summary numbers from their last two quarters' announcements.



HPQ Imaging and Printing Group, Q4 2006

Imaging and Printing Group (IPG) revenue grew 7% year-over-year to $7.3 billion. On a year-over-year basis, supplies revenue grew 9%, commercial hardware revenue grew 8% and consumer hardware revenue grew 2%. Printer unit shipments increased 17% year-over-year, with consumer printer hardware units up 16% and commercial printer hardware units up 20%. Momentum in key growth initiatives continued, with all-in-one unit shipments up 22% year-over-year, appliance photo printers up 70%, color laser printer shipments up 40% and printer-based MFP shipments up 160%. HP Indigo Press printed page volume grew 41% over the prior year period. Operating profit was $1.1 billion, or 14.8% of revenue, up from a profit of $896 million, or 13.2% of revenue, in the prior year period.

Here's the Q3 2006 Summary
Overall rev +5% ($6.23B)
HW rev +1%
Supplies rev +9%
Total hw units +15%
Consumer hw rev -3%
Consumer hw units +13% with strong AIO
Commercial hw rev +3%
Commercial hw units +23%

Color Laser units +70%
Multifunction Laser units +196%
Digital press pages +37%

Op profit of $884 mil, 14.2% op margin

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